Which of the following is NOT a purpose of a performance bond?

The purpose of a performance bond primarily revolves around ensuring that a contractor will fulfill their contractual obligations as agreed. This bond serves various functions that include guaranteeing project completion, protecting against faulty workmanship, and ensuring compliance with the project's specifications and requirements.

When considering the specific choices, the guiding principle for a performance bond is its role in the execution of the contract rather than financial backing. A performance bond is designed to assure the project owner that if the contractor fails to complete the project or meet performance standards, the surety company will step in to either complete the project or compensate the project owner for damages. While financial backing is important in the broader scope of contract execution, it is not directly the purpose of a performance bond, which is more focused on the contractor's ability to meet their obligations regarding the work itself rather than their financial status.

Thus, the option relating to ensuring financial backing falls outside the specific purposes typically associated with performance bonds, making it the correct choice for this question.